Search

MINT Income Fund Completes Mergers of TSX-Listed Funds

CALGARY, March 22, 2017 /CNW/ - Middlefield Group is pleased to announce the successful completion, effective today, of the previously announced mergers of COMPASS Income Fund ("COMPASS") and YIELDPLUS Income Fund ("YIELDPLUS") into MINT Income Fund ("MINT") (collectively, the "Funds") with MINT being the continuing fund in each case.

The mergers were effected on a tax-deferred "rollover" basis with the Funds not being responsible for any of the costs and expenses associated with the mergers, as they were borne by Middlefield Limited, manager of the Funds.

Pursuant to the mergers, units of COMPASS and YIELDPLUS, as applicable, were exchanged for units of MINT in accordance with an exchange ratio based on the relative net asset value per unit (the "NAV") of the applicable non-continuing Fund and MINT, as at the close of trading on the Toronto Stock Exchange (the "TSX") on March 21, 2017. The table below provides the respective exchange ratios and NAVs for each of the Funds.

Fund

Exchange Ratio

NAV

MINT

1.00000000

$7.07

COMPASS

1.69281793

$11.97

YIELDPLUS

0.89235573

$6.31

Based upon the exchange ratios, former unitholders of COMPASS and YIELDPLUS will receive an increase in their monthly distributions of approximately 35% and 19%, respectively.

Former unitholders of COMPASS or YIELDPLUS are not required to take any action in order to be recognized as a unitholder of MINT and to be in a position to trade their MINT units on the TSX. Former unitholders of COMPASS and YIELDPLUS who wish to participate in the distribution reinvestment plan (the "DRIP") of MINT will need to enroll in the MINT DRIP.

Unitholders of MINT are not required to take any action as they will continue as unitholders of MINT.

The units of MINT trade on the Toronto Stock Exchange under the symbol MID.UN.

Certain statements in this press release may be viewed as forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, intentions, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "plans", "estimates" or "intends" (or negative or grammatical variations thereof), or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. There are no assurances the funds can fulfill such forward-looking statements and the funds do not undertake any obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing one or more of the funds, many of which are beyond the control of the funds.

SOURCE MINT Income Fund

For further information: please visit our website at www.middlefield.com or contact Nancy Tham or Michael Bury in our Sales and Marketing Department at 1.888.890.1868.